Click here to download the Q3 2017 Results Presentation.

• Neinor Homes stepping up the development activity with 71 active sites, representing c. 5,500 units are in production: over 2,000 are in construction while 5 sites have been delivered year to date (2 in Q3), all on time and on budget during the quarter
• The Company reported revenues of EUR 169.4 million during the first nine months of the year, with gross margin of EUR 40.7 million and a slightly positive operating EBITDA of EUR 0.5 million, in line with expectations
• EUR 275 million of fully-permitted plots acquired in the first nine months of the year, completing 100% of 2017 target and 42% of 2018. Land bank of c. 12,000 units for immediate development
• Pre-sales order-book reaching c. EUR 700m at the end of Q3, after a solid performance during a usually slow Summer quarter
• 4.2% HPA captured year-to-date, ahead of Company’s expectations
• Neinor Homes continuing to push the sector transformation: 23 BREEAM certificates obtained in design phase, a diploma granted by Ilunion for “Mobility Pack” and launching of venture incubator Neinor Next
• The Company also announced that Dominique Cressot, a Proprietary Director for Lone Star, is leaving the Board with immediate effect, and he is being replaced by Alberto Prieto, an independent member of the Board. The Board now consists of 4 independent directors, 2 proprietary directors and the CEO. Mr. Prieto is currently the Managing Director for Real Estate at BDO Spain and has a long track-record in the residential land market.

Madrid, October 31^st, 2017.- Neinor Homes has just submitted to the CNMV (the Spanish stock regulator) a relevant fact, to communicate the results for the nine months ended September 30^th. Highlights below:

• Heightened development activity with 71 active sites with c. 5,500 units in production. 29 sites in construction for 2,000+ units and 5 sites delivered so far in the year (185 units). The Company has increased to 46% (up from 40% at the beginning of the year) the proportion of the land bank in production
• Twenty-four fully-permitted, top-quality land plots acquired between January and September for EUR 275 million, representing 3,000+ buildable units. Company acquired EUR 103 million (11 plots for c. 1,250 units) in Q3 in Barcelona, Malaga, Tarragona and Valencia. Neinor Homes land bank is now c. 12,000 units
• The company pre-sold 366 units during Q3, taking the total sold during the nine months to September to 1,080 units and EUR 368 million; the cumulative pre-sales to the end of September stands at EUR 697 million / 2,101 units
• Leku Eder Homes and Urduliz Homes were delivered in the Basque Country on time and above expected margins. A total of 5 sites were delivered year to date, yielding revenues of EUR 39 million and a gross margin of ca. 28%
• Ancillary businesses continue to produce steady cash flows to support the development business, with almost 48% of the legacy assets in the balance sheet at the beginning of the year already sold
• Sector transformation: Neinor Homes continues to lead the sector transformation having received so far 23 BREEAM certificates in design phase, and having 20 more projects in process. Additionally, Ilunion awarded the Company a diploma recognizing the Mobility Pack effort towards building houses suitable for people with disabilities. Finally, the Company has recently announced the launching of Neinor Next, in collaboration with Barrabes.biz; it is a business incubator for real estate related ventures

Juan Velayos, CEO of Neinor Homes, stressed that “the Company had yet another solid performance in Q3, a traditionally slow quarter. Besides completing the acquisitions budget for 2017 and 42% of 2018’s, we have stepped-up the pace of our development activity having 71 active sites, and have further increased the revenue visibility with c. EUR 700 million of cumulative pre-sales, while deliveries kept coming on time and on budget. The team keeps being focused on delivering the IPO targets.”